The award chart is here:
http://www.miles-and-more.com/mediap...dia_874439.pdf
Yes, its the same whether you upgrade on LH or any M&M or *A partner. V is allowed, BTW. The low low fares are not.
United MP miles are easy to earn, to burn is a bit tricky if you are based in Europe. Then there is the famous starnet blocking that tries to make you spend miles on UA alone.
I would agree that M&M is not attractive if you are based in the US.